TAILORED CHECKING TERMS & CONDITIONS
ACCOUNT OPENING & MAINTENANCE | |
|---|---|
Minimum Opening Deposit | $100.00 |
Statement Cycle | Monthly |
Monthly Maintenance Fee | $10.001 |
Abandoned Property | $50.00 per account |
1Monthly Maintenance Fee waived in months where the average monthly balance is at least $500.00. An account will not be overdrawn by the Monthly Maintenance Fee. An account with a balance of less than $10.00 will be assessed the amount available, reducing the balance to zero.
ATM & DEBIT CARD FEES | |
|---|---|
LendingClub Fee to Use SUM or MoneyPass ATM (“In-Network ATMs”) | $0.00 |
LendingClub Fee to Use Out-of-Network ATM | $0.00 |
Currency Conversion Fee | .20% of the transaction amount3 |
Cross Border (International) Transaction Fee | .90% of the transaction amount4 |
Expedited ATM / Debit Card | $35.00 |
1ATM Fee Rebate: ATM fees charged by out-of-network ATM owners are rebated when using a Tailored Checking debit card. Currency Conversion Fee and Cross Border Transaction Fees may be excluded. ATM rebates are credited to your account on the last day of each applicable statement cycle. If you have not received a rebate for a fee that you believe is eligible, please contact Customer Service at 800.242.0272.
3This charge will be .20% of the non-U.S. dollar denominated transaction amount
4Fee is charged whenever the country of the merchant is different than the country of the cardholder, even if the transaction is initiated within the United States and/or in U.S. dollars.
The Currency Conversion Fee and Cross Border (International) Transaction Fee are charged on International Transactions.International transactions are those transactions made using your ATM or Debit Card in person, online or via telephone with a party located or who processes transactions outside of the United States,even if the transactions are initiated within the United States and/or in U.S. Dollars.
WIRE TRANSFER FEES | |
|---|---|
Domestic Outgoing Wire (Business) | $18.00 |
International Outgoing Wire | $40.00 |
OTHER MISCELLANEOUS FEES | |
|---|---|
Stop Payment | $25.00 |
ZERO BALANCE ACCOUNTS
If your account reaches and maintains a zero balance for a period of more than 3 months, the Bank reserves the right to either keep the account open or close the account without further notice.
HOW INTEREST IS EARNED ON YOUR ACCOUNT |
|---|
Daily Balance Computation Method -- We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Tailored Checking accounts earn interest at the interest rate and annual percentage yield in effect for the portion of the account balance within each appropriate tier. For example, if your account balance is $110,000.00, you would earn the then current rate for the first two balance tiers ($0.00 -$99,999.99) for $99,999.99 of the balance. You would earn the then current rate for the third balance tier ($100,000.00 and more) for the remaining $10,000.00 of your account balance. Accrued interest is credited to the balance in the account on the last business day of the statement cycle. We use a monthly statement cycle. Accrued interest that is credited to the balance in the account begins to earn interest no later than the next business day and compounds with each statement cycle. If you close your account or convert your account to a non-interest bearing account before accrued interest, if any, is credited you will not receive the accrued interest. The following chart shows the annual percentage yield (“APY”) and interest rate effective as of 04/20/2024. Interest rates and the annual percentage yield are variable and are subject to change at any time at the discretion of the bank. Rates may change prior to funding and any interest being earned. |
Portion of Balance Earning Rate | Interest Rate | APY Range |
$0.00 - $499.99 | 1.49% | 1.50% |
$500.00- $99,999.99 | 1.49% | 1.50% |
$100,000.00 and more | 0.10% | 1.50 % - 0.10% |
CASH BACK REWARDS |
|---|
The Debit Card Rewards Program (“Cash Back Rewards”) provides 1.00% cash-back on all Qualified Purchases using a debit card tied to an Eligible Account. Eligible Accounts are: Tailored Checking accounts that maintain an average monthly balance of $500.00 for the calendar month in review. Qualified Purchases are defined as: Signature-based purchases made using the debit card tied to an Eligible Account. These are “credit” purchases that can be made in stores and online. To make a signature-based purchase, select “credit” rather than debit at point-of-sale kiosks. The “credit” option is most often pre-selected when making purchases online using a debit card. Online subscription payments may not be considered signature-based purchases. The payment transaction type(signature-based or other) is ultimately decided by the merchant and is based on how the transaction is transmitted at the time of processing. Qualified Purchases do not include: (1) any goods or services purchased that are returned or otherwise credited to your Eligible Account; (2) unlawful purchases; or (3) purchases of currency,cash or cash equivalents (including, without limitation, currency from the U.S. Mint, Travelers Checks, gift cards, cryptocurrency, casino chips, peer to peer payments,prepaid debit cards, account openings, loan payments, or other cash equivalents). We may report the value of Cash Back Rewards to the IRS as required by law. Any client whose tax status would require us to impose tax withholding of any sort will not be eligible for Cash Back Rewards. Accounts are reviewed after the end of each month. Any earned Cash Back Rewards will be credited to your account on or before the 10th calendar day of the next calendar month. The Eligible Account must be open and active at the time the Cash Back Reward is credited. |
TRANSACTION LIMITS
| New Client | Classic | Preferred | Elite | Reserve |
|---|---|---|---|---|---|
Eligibility | Account open for 30 days or less | Account open for more than 30 days | Accounts that maintain an end of day Relationship Balance of >$2,000 for >7 consecutive calendar days1 | Accounts that maintain an end of day Relationship Balance of >$10,000 for >30 consecutive calendar days OR >$30,000 for >7 consecutive calendar days1 | Accounts that maintain an end of day Relationship Balance of >$50,000 for >60 consecutive calendar days OR >$150,000 for >7 consecutive calendar days1 |
Incoming External Transfers (ACH) (daily limit) | $10,000 | $10,000 | $250,000 | $250,000 | $250,000 |
Outgoing External Transfers (ACH) (daily limit) | $10,000 | $10,000 | $10,000 | $50,000 | $250,000 |
Mobile Deposit (daily limit) | $25,000 | $25,000 | $50,000 | $150,000 | $250,000 |
Debit Card Transactions (daily limit) | $5,000 signature-based (“credit”) transactions | $5,000 signature-based (“credit”) transactions | $5,000 signature-based (“credit”) transactions | $5,000 signature-based (“credit”) transactions | $5,000 signature-based (“credit”) transactions |
1Relationship Balance is the combined balance of your LendingClub deposit accounts.
Your Transaction Limits may be higher based on periodic reviews done by the bank and based, in part, on your account balance and account tenure.
For additional terms governing your account, please consult the Business Deposit Account Agreement.
LendingClub Bank, N.A., Member FDIC
Rev. Date 08/2023
BUSINESS HIGH-YIELD SAVINGS
Eligibility Requirement: Business High-Yield Savings is available to small business customers who have a Tailored Checking account. For additional terms governing your account, please consult the Business Deposit Account Agreement.
ACCOUNT OPENING & MAINTENANCE | |
|---|---|
Minimum Opening Deposit | $100.00 |
Statement Cycle | Monthly |
Monthly Maintenance Fee | $0.00 |
Abandoned Property | $50.00 per account |
ATM & DEBIT CARD FEES | |
|---|---|
LendingClub Fee to Use SUM or MoneyPass ATM (“In-Network ATMs”) | $0.00 |
LendingClub Fee to Use Out-of-Network ATM | $0.00 |
Currency Conversion Fee | .20% of the transaction amount1 |
Cross Border (International) Transaction Fee | .90% of the transaction amount2 |
Expedited ATM / Debit Card | $35.00 |
1This charge will be .20% of the non-U.S. dollar-denominated transaction amount
2Fee is charged whenever the country of the merchant is different than the country of the cardholder, even if the transaction is initiated within the United States and/or in U.S. dollars.
The Currency Conversion Fee and Cross Border (International) Transaction Fee are charged on International Transactions. International transactions are those transactions made using your ATM or Debit Card in person, online or via telephone with a party located or who processes transactions outside of the United States even if the transactions are initiated within the United States and/or in U.S. Dollars.
WIRE TRANSFER FEES | |
|---|---|
Domestic Outgoing Wire (Business) | $18.00 |
International Outgoing Wire | $40.00 |
OTHER MISCELLANEOUS FEES | |
|---|---|
Stop Payment | $25.00 |
ZERO BALANCE ACCOUNTS
If your account reaches and maintains a zero balance for a period of more than 6 months, the Bank reserves the right to either keep the account open or close the account without further notice.
HOW INTEREST IS EARNED ON YOUR ACCOUNT |
|---|
Daily Balance Computation Method -- We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Your account earns interest on the entire account balance each day at the interest rate and annual percentage yield in effect for the appropriate balance tier. Accrued interest is credited to the balance in the account on the last business day of the statement cycle. We use a monthly statement cycle. Accrued interest that is credited to the balance in the account begins to earn interest no later than the next business day and compounds with each statement cycle. Accrued interest is credited to the balance in the account on the last business day of the statement cycle. We use a monthly statement cycle. Accrued interest that is credited to the balance in the account begins to earn interest no later than the next business day and compounds with each statement cycle. If you close your account or convert your account to a non-interest bearing account before accrued interest, if any, is credited you will not receive the accrued interest. The following chart shows the annual percentage yield (“APY”) and interest rate effective as of 04/20/2024. Interest rates and the annual percentage yield are variable and are subject to change at any time at the discretion of the bank. Rates may change prior to funding and any interest being earned. |
Balance to Earn Interest | Interest Rate | APY |
$0.00 - $9.99 | 3.54% | 3.60% |
$10.00 - $2,499.99 | 3.54% | 3.60% |
$2,500.00 - 24,999.99 | 3.54% | 3.60% |
$25,000 or more | 3.54% | 3.60% |
TRANSACTION LIMITS
| Preferred | Elite | Reserve |
|---|---|---|---|
Eligibility | Accounts that maintain an end of day Relationship Balance of >$2,000 for >7 consecutive calendar days1 | Accounts that maintain an end of day Relationship Balance of >$10,000 for >30 consecutive calendar days OR >$30,000 for >7 consecutive calendar days1 | Accounts that maintain an end of day Relationship Balance of >$50,000 for >60 consecutive calendar days OR >$150,000 for >7 consecutive calendar days1 |
Incoming External Transfers (ACH) | $250,000 | $250,000 | $250,000 |
Outgoing External Transfers (ACH) | $10,000 | $50,000 | $250,000 |
Mobile Deposit | $50,000 | $150,000 | $250,000 |
ATM Transactions (daily limit) | $2,000 ATM withdrawal | $2,000 ATM withdrawal | $2,000 ATM withdrawal |
1Relationship Balance is the combined balance of your LendingClub deposit accounts.
Your Transaction Limits may be higher based on periodic reviews done by the bank and based, in part, on your account balance and account tenure.
For additional terms governing your account, please consult the Business Deposit Account Agreement.
LendingClub Bank, N.A., Member FDIC
Rev Date: 09/2023
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